4 Mistakes Buyers Make In A Sellers Market

Let’s first start by defining what a sellers market is……It’s when there’s a low supply of homes and a high demand from buyers. This of course translates to more buyers competing for homes. If you’re a buyer currently trying to buy a home in a seller’s market you know how frustrating and stressful it can be. Don’t give up just yet, we are going to get you off to a great start by pointing out 4 MAJOR mistakes to avoid.

The number one mistake to avoid is….

1) Not having a plan: You need to make a plan and know exactly what type of home you are searching for. This way when the right home comes on the market you’re ready to make a move. Now is not the time to drag your heels or sleep on it – hesitation in a seller’s market can cost you to miss out on what could have been your dream home. That being said you don’t want to act on impulse either and just make offers on homes with fear of missing out so be prepared, make a plan and be ready when your perfect home comes along – Preparation Is Key!

 2) Not being pre-approved: Shopping for a home without a mortgage pre-approval is like shopping without your wallet. You need a pre-approval so you know how much your lender is willing to lend you. A pre-approval can also protect you if rates increase while you’re searching for a home – it is essential in multiple offers to show home sellers that you’re a serious buyer.

3) Not making your best offer: When you’re in a situation where you’re competing with other buyers for the same house you need to go in with your best offer, this is not the time to hold back, you get one chance and that’s it, so go in STRONG with your best foot forward.

4) Not working with a real estate agent: Working with a real estate agent has many benefits and is essential when your buying in a seller’s market. Making the mistake of not having an agent working for you could cost you missing out on your dream home. Homes are selling at a lightning fast pace and you don’t want to show up late and risk major disappointment. A good agent will notify you as soon as a home that meets your needs comes on the market – even before it’s posted for the general public, guide you through the entire process, and eliminate as much stress as possible – Giving you the absolute best chance at getting an accepted offer and securing you the home of your dreams.

By | 2017-06-27T20:27:58+00:00 April 5th, 2017|BUYING REAL ESTATE, ONTARIO, WOODSTOCK|Comments Off on 4 Mistakes Buyers Make In A Sellers Market

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